Full Title: Imperfect Markets versus Imperfect Regulation in U.S. Electricity Generation
Author(s): Steve Cicala
Publisher(s): CATO Institute
Publication Date: May 1, 2017
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Description (excerpt):
When regulation brings its own host of distortions and inefficiencies, the mere existence of a market failure is insufficient to ensure that government intervention will improve welfare. Instead, by comparing the distortions under potential regulatory regimes, one can identify superior policies as those with relatively fewer imperfections. My research undertakes such an evaluation in the context of U.S. wholesale electricity markets, which have replaced command-and-control-type operations in some areas.